From Education To Electric Vehicle - What's On The Cards For China Liberal Education's Like For EV Brand Aiways - China Liberal Education (NASDAQ:CLEU)

China Liberal Education Holdings Ltd CLEU has entered into a non-binding letter of intent (LOI) to acquire all the outstanding equity interest in the new electric vehicle brand Aiways Holdings Limited.
China Liberal Education is a China-based company that provides smart campus solutions and other educational services.
The acquisition would value all the equity interests of Aiways at an aggregate amount ranging from $5.0 billion to $6.0 billion.
On the closing of the deal, all the equity interests of Aiways will be converted into the ordinary shares of China Liberal.
Both parties are currently completing their respective due diligence review of the other party and are continuing to negotiate the terms of a definitive agreement.
China Liberal held ~$33 million in cash and equivalents as of 2021-end.
Price Action: CLEU shares are trading higher by 26.9% at $1.20 on the last check Friday.